Prices already high, traders assure of no further hike in Ramadan

Manufacturers and suppliers of daily essentials yesterday assured that prices will not go up during Ramadan as there is ample stock of products, but many consumers said such a promise is pointless now as the commodity prices already jumped sharply way ahead of Ramadan. 

"The whole business community has to take responsibility for the market manipulation by a few unscrupulous traders. However, there is no fear of market volatility during Ramadan. The mill owners have enough oil and there will be no shortage of supply in the market," said Safiul Athar Taslim, director of TK Group, at an opinion exchange meeting on storage, import, supply and price situation of essential commodities on Saturday.

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) organised the programme which was presided over by its president Md Jasim Uddin.

He said the government as well as traders have a responsibility to control the market. That is why the FBCCI has formed a 46-member market monitoring committee to check whether the products are being sold at fixed prices.

The members of this committee will visit the markets and monitor the prices of essential commodities, supply situation, production and international market prices.

The FBCCI president said, "Traders reduce the prices of their products on occasion of festivals. We have to develop such a culture in Bangladesh too."

Stating that the prices of various raw materials and commodities have gone up in the international market, the FBCCI president demanded that the government should reduce taxes and tariffs. As commodity prices and shipping costs rise, reducing tariffs and taxes will not reduce the government's revenue earnings, but will provide relief to the common people.

Joining the exchange of views online, Mostafa Sohrab Chowdhury Titu, president of Rangpur Chamber of Commerce and Industry, called for an end to extortion by police.  

Traders participating in the programme said the prices of essentials will drop if the extortion on the goods-laden trucks is stopped.

Kazi Abdul Hannan, editor of Voktakantho, said extortion was one of the reasons for the rise in product prices at the retail level even when there was no shortage of supply. He also urged consumers to refrain from panic buying to keep the prices low.

AHM Shafiquzzaman, director general of Directorate of National Consumers' Rights Protection (DNCRP), also recently sought the law enforcement agencies' cooperation to take action in this regard. 

Product prices jump ahead of Ramadan

Despite the traders' assurance, the consumers did not find any relief from price hike yesterday – the day before the first day of Ramadan.

Soybean oil was sold at the Dhaka markets yesterday at a price higher than that fixed by the government on 20 March.

According to the Trading Corporation of Bangladesh (TCB) and retailers, loose soybean oil was sold at Tk150-155 per litre, while its government-fixed price was Tk136. At the same time last year, it was sold at Tk120 per litre, which means the price has jumped 23.55%.

The price of a litre of bottled soybean oil was Tk165 yesterday, while the government fixed its price at Tk160 per litre. The price has increased 17.45% compared to last year.

Yesterday, loose flour price was 14.52% and packed flour price was 25% higher compared to that in the same period last year. Traders claimed that the Russia-Ukraine war caused the flour price hike. 

The price of eggplant has gone up too just before the start of Ramadan. The price of eggplant was Tk80 yesterday, which was around Tk50-60 even a day ago. The price of the vegetable goes up every year during Ramadan as it is used in one of the most craved Iftar items – Beguni.

Fifteen days ago, the price of beef rose to Tk700 for a couple of days, but it dropped again and remained stable at Tk620-680. But just one day before Ramadan, its price has risen again to Tk700 in the retail markets.

Broiler chicken was sold at Tk160 a week ago, but yesterday it was sold at Tk170-180. The sellers said the price is increasing due to the rise in demand during Ramadan.

However, the price of onion, which usually jumps sharply ahead of Ramadan every year, has been declining during the same time this year. Currently, onion sales for Tk30-35 per kg at different markets in Dhaka.